Extension Deposits Sample Clauses
The Extension Deposits clause establishes the requirement for additional payments if a party wishes to extend a contractual deadline or term. Typically, this clause specifies the amount, timing, and conditions under which such deposits must be made, often in real estate or service agreements where closing dates or performance periods may be extended. Its core practical function is to provide a clear mechanism for extending timeframes while compensating the other party for the delay, thereby reducing uncertainty and potential disputes over extensions.
Extension Deposits. In the event of Contract Term Extension, Forest Service shall divide the difference between Current Contract Value as of the start of any Contract Term Extension and the credit balance of any deposit made pursuant to E.2.1.3 by the number of whole months remaining in Normal Operating Season(s) within the extension period to determine the amount of each “Extension Deposit.”
Extension Deposits. If Purchaser elects to exercise any of its options to extend the Approval Period pursuant to Section 3.3(b)(i), Purchaser shall deliver to Escrow Agent the corresponding Extension Deposit within the required time period set forth in Section 3.3(b)(i). All of the Extension Deposits shall remain refundable to Purchaser in the event that Purchaser exercises its right to terminate this Agreement pursuant to Section 3.3(g), and shall become non- refundable to Purchaser upon the expiration of the Approval Period.
Extension Deposits. Each Extension Deposit will be deemed part of and constitute “▇▇▇▇▇▇▇ Money” for all purposes hereunder; provided however such Extension Deposits shall be non-refundable, except in the event this transaction does not close as a result of a City default.
Extension Deposits. In the event Purchaser elects to exercise the First Closing Extension (as defined in Section 4.1 hereof) in accordance with Section 4.1 hereof, as a condition precedent to the effectiveness of exercising the First Closing Extension, Purchaser shall deposit with the Title Company within one (1) business day of delivering the First Closing Extension Notice (as defined in Section 4.1 hereof) an amount equal to Fifty Thousand Dollars ($50,000) (the “First Extension Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire transfer. In the event Purchaser elects to exercise the Second Closing Extension (as defined in Section 4.1 hereof) in accordance with Section 4.1 hereof, as a condition precedent to the effectiveness of exercising the Second Closing Extension, Purchaser shall deposit with the Title Company within one (1) business day of delivering the Second Closing Extension Notice (as defined in Section 4.1 hereof) an amount equal to One Hundred Thousand Dollars ($100,000) (the “First Extension Deposit”, and together with the First Extension Deposit, if applicable, the “Extension Deposits”)) in good funds, either by certified bank or cashier’s check or by federal wire transfer. The Extension Deposits shall be non-refundable to Purchaser except as expressly set forth in this Agreement. At the Closing, the Extension Deposits shall be applied in full toward the Purchase Price as described in Section 1.2 above. Time is of the essence for the delivery of the Initial Deposit under this Agreement.
Extension Deposits. As provided for in Section 5 below, the Redeveloper shall have the right, upon certain conditions being met, to extend the Feasibility Periods (defined herein), which conditions include, but are not limited to, making an additional cash deposit with the Escrow Agent in the amount of Five Thousand and No/100 Dollars ($5,000.00) (each “Extension Deposit”; Phase 1 Initial Deposit and each Extension Deposit collectively “Escrow Deposits”), which Extension Deposit shall be made as provided for herein.